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Second Mortgage Calculator to calculate the mortgage payment for your 2nd mortgage loans. The 2nd Mortgage Calculator will show the amortization schedule with your monthly mortgage payments, and principal and interest breakdowns.
2nd Mortgage Calculator Results |
|
Mortgage Amount: |
$200,000.00 |
Monthly Payment: |
$1,479.38 |
Total # Of Payments: |
180 |
Start Date: |
Jul, 2022 |
Payoff Date: |
Jun, 2037 |
Total Interest Paid: |
$66,287.65 |
Total Payment: |
$266,287.65 |
2nd Mortgage Amortization Schedule |
||||||
Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
---|---|---|---|---|---|---|
Jul, 2022 | 1 | $666.67 | $812.71 | $1,479.38 | $199,187.29 | |
Aug, 2022 | 2 | $663.96 | $815.42 | $1,479.38 | $198,371.87 | |
Sep, 2022 | 3 | $661.24 | $818.14 | $1,479.38 | $197,553.74 | |
Oct, 2022 | 4 | $658.51 | $820.86 | $1,479.38 | $196,732.87 | |
Nov, 2022 | 5 | $655.78 | $823.60 | $1,479.38 | $195,909.27 | |
Dec, 2022 | 6 | $653.03 | $826.34 | $1,479.38 | $195,082.93 | |
Jan, 2023 | 7 | $650.28 | $829.10 | $1,479.38 | $194,253.83 | |
Feb, 2023 | 8 | $647.51 | $831.86 | $1,479.38 | $193,421.97 | |
Mar, 2023 | 9 | $644.74 | $834.64 | $1,479.38 | $192,587.33 | |
Apr, 2023 | 10 | $641.96 | $837.42 | $1,479.38 | $191,749.91 | |
May, 2023 | 11 | $639.17 | $840.21 | $1,479.38 | $190,909.70 | |
Jun, 2023 | 12 | $636.37 | $843.01 | $1,479.38 | $190,066.69 | |
Jul, 2023 | 13 | $633.56 | $845.82 | $1,479.38 | $189,220.87 | |
Aug, 2023 | 14 | $630.74 | $848.64 | $1,479.38 | $188,372.23 | |
Sep, 2023 | 15 | $627.91 | $851.47 | $1,479.38 | $187,520.76 | |
Oct, 2023 | 16 | $625.07 | $854.31 | $1,479.38 | $186,666.46 | |
Nov, 2023 | 17 | $622.22 | $857.15 | $1,479.38 | $185,809.30 | |
Dec, 2023 | 18 | $619.36 | $860.01 | $1,479.38 | $184,949.29 | |
Jan, 2024 | 19 | $616.50 | $862.88 | $1,479.38 | $184,086.41 | |
Feb, 2024 | 20 | $613.62 | $865.75 | $1,479.38 | $183,220.66 | |
Mar, 2024 | 21 | $610.74 | $868.64 | $1,479.38 | $182,352.02 | |
Apr, 2024 | 22 | $607.84 | $871.54 | $1,479.38 | $181,480.48 | |
May, 2024 | 23 | $604.93 | $874.44 | $1,479.38 | $180,606.04 | |
Jun, 2024 | 24 | $602.02 | $877.36 | $1,479.38 | $179,728.69 | |
Jul, 2024 | 25 | $599.10 | $880.28 | $1,479.38 | $178,848.41 | |
Aug, 2024 | 26 | $596.16 | $883.21 | $1,479.38 | $177,965.19 | |
Sep, 2024 | 27 | $593.22 | $886.16 | $1,479.38 | $177,079.03 | |
Oct, 2024 | 28 | $590.26 | $889.11 | $1,479.38 | $176,189.92 | |
Nov, 2024 | 29 | $587.30 | $892.08 | $1,479.38 | $175,297.84 | |
Dec, 2024 | 30 | $584.33 | $895.05 | $1,479.38 | $174,402.79 | |
Jan, 2025 | 31 | $581.34 | $898.03 | $1,479.38 | $173,504.76 | |
Feb, 2025 | 32 | $578.35 | $901.03 | $1,479.38 | $172,603.73 | |
Mar, 2025 | 33 | $575.35 | $904.03 | $1,479.38 | $171,699.70 | |
Apr, 2025 | 34 | $572.33 | $907.04 | $1,479.38 | $170,792.66 | |
May, 2025 | 35 | $569.31 | $910.07 | $1,479.38 | $169,882.59 | |
Jun, 2025 | 36 | $566.28 | $913.10 | $1,479.38 | $168,969.49 | |
Jul, 2025 | 37 | $563.23 | $916.14 | $1,479.38 | $168,053.35 | |
Aug, 2025 | 38 | $560.18 | $919.20 | $1,479.38 | $167,134.15 | |
Sep, 2025 | 39 | $557.11 | $922.26 | $1,479.38 | $166,211.89 | |
Oct, 2025 | 40 | $554.04 | $925.34 | $1,479.38 | $165,286.55 | |
Nov, 2025 | 41 | $550.96 | $928.42 | $1,479.38 | $164,358.13 | |
Dec, 2025 | 42 | $547.86 | $931.52 | $1,479.38 | $163,426.62 | |
Jan, 2026 | 43 | $544.76 | $934.62 | $1,479.38 | $162,492.00 | |
Feb, 2026 | 44 | $541.64 | $937.74 | $1,479.38 | $161,554.26 | |
Mar, 2026 | 45 | $538.51 | $940.86 | $1,479.38 | $160,613.40 | |
Apr, 2026 | 46 | $535.38 | $944.00 | $1,479.38 | $159,669.40 | |
May, 2026 | 47 | $532.23 | $947.14 | $1,479.38 | $158,722.26 | |
Jun, 2026 | 48 | $529.07 | $950.30 | $1,479.38 | $157,771.96 | |
Jul, 2026 | 49 | $525.91 | $953.47 | $1,479.38 | $156,818.49 | |
Aug, 2026 | 50 | $522.73 | $956.65 | $1,479.38 | $155,861.84 | |
Sep, 2026 | 51 | $519.54 | $959.84 | $1,479.38 | $154,902.00 | |
Oct, 2026 | 52 | $516.34 | $963.04 | $1,479.38 | $153,938.97 | |
Nov, 2026 | 53 | $513.13 | $966.25 | $1,479.38 | $152,972.72 | |
Dec, 2026 | 54 | $509.91 | $969.47 | $1,479.38 | $152,003.25 | |
Jan, 2027 | 55 | $506.68 | $972.70 | $1,479.38 | $151,030.55 | |
Feb, 2027 | 56 | $503.44 | $975.94 | $1,479.38 | $150,054.61 | |
Mar, 2027 | 57 | $500.18 | $979.19 | $1,479.38 | $149,075.42 | |
Apr, 2027 | 58 | $496.92 | $982.46 | $1,479.38 | $148,092.96 | |
May, 2027 | 59 | $493.64 | $985.73 | $1,479.38 | $147,107.23 | |
Jun, 2027 | 60 | $490.36 | $989.02 | $1,479.38 | $146,118.21 | |
Jul, 2027 | 61 | $487.06 | $992.32 | $1,479.38 | $145,125.90 | |
Aug, 2027 | 62 | $483.75 | $995.62 | $1,479.38 | $144,130.27 | |
Sep, 2027 | 63 | $480.43 | $998.94 | $1,479.38 | $143,131.33 | |
Oct, 2027 | 64 | $477.10 | $1,002.27 | $1,479.38 | $142,129.06 | |
Nov, 2027 | 65 | $473.76 | $1,005.61 | $1,479.38 | $141,123.45 | |
Dec, 2027 | 66 | $470.41 | $1,008.96 | $1,479.38 | $140,114.48 | |
Jan, 2028 | 67 | $467.05 | $1,012.33 | $1,479.38 | $139,102.16 | |
Feb, 2028 | 68 | $463.67 | $1,015.70 | $1,479.38 | $138,086.45 | |
Mar, 2028 | 69 | $460.29 | $1,019.09 | $1,479.38 | $137,067.37 | |
Apr, 2028 | 70 | $456.89 | $1,022.48 | $1,479.38 | $136,044.88 | |
May, 2028 | 71 | $453.48 | $1,025.89 | $1,479.38 | $135,018.99 | |
Jun, 2028 | 72 | $450.06 | $1,029.31 | $1,479.38 | $133,989.68 | |
Jul, 2028 | 73 | $446.63 | $1,032.74 | $1,479.38 | $132,956.93 | |
Aug, 2028 | 74 | $443.19 | $1,036.19 | $1,479.38 | $131,920.75 | |
Sep, 2028 | 75 | $439.74 | $1,039.64 | $1,479.38 | $130,881.11 | |
Oct, 2028 | 76 | $436.27 | $1,043.11 | $1,479.38 | $129,838.00 | |
Nov, 2028 | 77 | $432.79 | $1,046.58 | $1,479.38 | $128,791.42 | |
Dec, 2028 | 78 | $429.30 | $1,050.07 | $1,479.38 | $127,741.35 | |
Jan, 2029 | 79 | $425.80 | $1,053.57 | $1,479.38 | $126,687.78 | |
Feb, 2029 | 80 | $422.29 | $1,057.08 | $1,479.38 | $125,630.69 | |
Mar, 2029 | 81 | $418.77 | $1,060.61 | $1,479.38 | $124,570.09 | |
Apr, 2029 | 82 | $415.23 | $1,064.14 | $1,479.38 | $123,505.94 | |
May, 2029 | 83 | $411.69 | $1,067.69 | $1,479.38 | $122,438.25 | |
Jun, 2029 | 84 | $408.13 | $1,071.25 | $1,479.38 | $121,367.01 | |
Jul, 2029 | 85 | $404.56 | $1,074.82 | $1,479.38 | $120,292.19 | |
Aug, 2029 | 86 | $400.97 | $1,078.40 | $1,479.38 | $119,213.79 | |
Sep, 2029 | 87 | $397.38 | $1,082.00 | $1,479.38 | $118,131.79 | |
Oct, 2029 | 88 | $393.77 | $1,085.60 | $1,479.38 | $117,046.19 | |
Nov, 2029 | 89 | $390.15 | $1,089.22 | $1,479.38 | $115,956.96 | |
Dec, 2029 | 90 | $386.52 | $1,092.85 | $1,479.38 | $114,864.11 | |
Jan, 2030 | 91 | $382.88 | $1,096.50 | $1,479.38 | $113,767.62 | |
Feb, 2030 | 92 | $379.23 | $1,100.15 | $1,479.38 | $112,667.46 | |
Mar, 2030 | 93 | $375.56 | $1,103.82 | $1,479.38 | $111,563.65 | |
Apr, 2030 | 94 | $371.88 | $1,107.50 | $1,479.38 | $110,456.15 | |
May, 2030 | 95 | $368.19 | $1,111.19 | $1,479.38 | $109,344.96 | |
Jun, 2030 | 96 | $364.48 | $1,114.89 | $1,479.38 | $108,230.07 | |
Jul, 2030 | 97 | $360.77 | $1,118.61 | $1,479.38 | $107,111.46 | |
Aug, 2030 | 98 | $357.04 | $1,122.34 | $1,479.38 | $105,989.12 | |
Sep, 2030 | 99 | $353.30 | $1,126.08 | $1,479.38 | $104,863.04 | |
Oct, 2030 | 100 | $349.54 | $1,129.83 | $1,479.38 | $103,733.21 | |
Nov, 2030 | 101 | $345.78 | $1,133.60 | $1,479.38 | $102,599.61 | |
Dec, 2030 | 102 | $342.00 | $1,137.38 | $1,479.38 | $101,462.24 | |
Jan, 2031 | 103 | $338.21 | $1,141.17 | $1,479.38 | $100,321.07 | |
Feb, 2031 | 104 | $334.40 | $1,144.97 | $1,479.38 | $99,176.09 | |
Mar, 2031 | 105 | $330.59 | $1,148.79 | $1,479.38 | $98,027.31 | |
Apr, 2031 | 106 | $326.76 | $1,152.62 | $1,479.38 | $96,874.69 | |
May, 2031 | 107 | $322.92 | $1,156.46 | $1,479.38 | $95,718.23 | |
Jun, 2031 | 108 | $319.06 | $1,160.32 | $1,479.38 | $94,557.91 | |
Jul, 2031 | 109 | $315.19 | $1,164.18 | $1,479.38 | $93,393.73 | |
Aug, 2031 | 110 | $311.31 | $1,168.06 | $1,479.38 | $92,225.67 | |
Sep, 2031 | 111 | $307.42 | $1,171.96 | $1,479.38 | $91,053.71 | |
Oct, 2031 | 112 | $303.51 | $1,175.86 | $1,479.38 | $89,877.85 | |
Nov, 2031 | 113 | $299.59 | $1,179.78 | $1,479.38 | $88,698.06 | |
Dec, 2031 | 114 | $295.66 | $1,183.72 | $1,479.38 | $87,514.35 | |
Jan, 2032 | 115 | $291.71 | $1,187.66 | $1,479.38 | $86,326.69 | |
Feb, 2032 | 116 | $287.76 | $1,191.62 | $1,479.38 | $85,135.07 | |
Mar, 2032 | 117 | $283.78 | $1,195.59 | $1,479.38 | $83,939.47 | |
Apr, 2032 | 118 | $279.80 | $1,199.58 | $1,479.38 | $82,739.90 | |
May, 2032 | 119 | $275.80 | $1,203.58 | $1,479.38 | $81,536.32 | |
Jun, 2032 | 120 | $271.79 | $1,207.59 | $1,479.38 | $80,328.73 | |
Jul, 2032 | 121 | $267.76 | $1,211.61 | $1,479.38 | $79,117.12 | |
Aug, 2032 | 122 | $263.72 | $1,215.65 | $1,479.38 | $77,901.47 | |
Sep, 2032 | 123 | $259.67 | $1,219.70 | $1,479.38 | $76,681.76 | |
Oct, 2032 | 124 | $255.61 | $1,223.77 | $1,479.38 | $75,457.99 | |
Nov, 2032 | 125 | $251.53 | $1,227.85 | $1,479.38 | $74,230.14 | |
Dec, 2032 | 126 | $247.43 | $1,231.94 | $1,479.38 | $72,998.20 | |
Jan, 2033 | 127 | $243.33 | $1,236.05 | $1,479.38 | $71,762.15 | |
Feb, 2033 | 128 | $239.21 | $1,240.17 | $1,479.38 | $70,521.98 | |
Mar, 2033 | 129 | $235.07 | $1,244.30 | $1,479.38 | $69,277.68 | |
Apr, 2033 | 130 | $230.93 | $1,248.45 | $1,479.38 | $68,029.23 | |
May, 2033 | 131 | $226.76 | $1,252.61 | $1,479.38 | $66,776.62 | |
Jun, 2033 | 132 | $222.59 | $1,256.79 | $1,479.38 | $65,519.83 | |
Jul, 2033 | 133 | $218.40 | $1,260.98 | $1,479.38 | $64,258.85 | |
Aug, 2033 | 134 | $214.20 | $1,265.18 | $1,479.38 | $62,993.68 | |
Sep, 2033 | 135 | $209.98 | $1,269.40 | $1,479.38 | $61,724.28 | |
Oct, 2033 | 136 | $205.75 | $1,273.63 | $1,479.38 | $60,450.65 | |
Nov, 2033 | 137 | $201.50 | $1,277.87 | $1,479.38 | $59,172.78 | |
Dec, 2033 | 138 | $197.24 | $1,282.13 | $1,479.38 | $57,890.64 | |
Jan, 2034 | 139 | $192.97 | $1,286.41 | $1,479.38 | $56,604.24 | |
Feb, 2034 | 140 | $188.68 | $1,290.70 | $1,479.38 | $55,313.54 | |
Mar, 2034 | 141 | $184.38 | $1,295.00 | $1,479.38 | $54,018.54 | |
Apr, 2034 | 142 | $180.06 | $1,299.31 | $1,479.38 | $52,719.23 | |
May, 2034 | 143 | $175.73 | $1,303.65 | $1,479.38 | $51,415.58 | |
Jun, 2034 | 144 | $171.39 | $1,307.99 | $1,479.38 | $50,107.59 | |
Jul, 2034 | 145 | $167.03 | $1,312.35 | $1,479.38 | $48,795.24 | |
Aug, 2034 | 146 | $162.65 | $1,316.73 | $1,479.38 | $47,478.52 | |
Sep, 2034 | 147 | $158.26 | $1,321.11 | $1,479.38 | $46,157.40 | |
Oct, 2034 | 148 | $153.86 | $1,325.52 | $1,479.38 | $44,831.89 | |
Nov, 2034 | 149 | $149.44 | $1,329.94 | $1,479.38 | $43,501.95 | |
Dec, 2034 | 150 | $145.01 | $1,334.37 | $1,479.38 | $42,167.58 | |
Jan, 2035 | 151 | $140.56 | $1,338.82 | $1,479.38 | $40,828.76 | |
Feb, 2035 | 152 | $136.10 | $1,343.28 | $1,479.38 | $39,485.48 | |
Mar, 2035 | 153 | $131.62 | $1,347.76 | $1,479.38 | $38,137.73 | |
Apr, 2035 | 154 | $127.13 | $1,352.25 | $1,479.38 | $36,785.48 | |
May, 2035 | 155 | $122.62 | $1,356.76 | $1,479.38 | $35,428.72 | |
Jun, 2035 | 156 | $118.10 | $1,361.28 | $1,479.38 | $34,067.44 | |
Jul, 2035 | 157 | $113.56 | $1,365.82 | $1,479.38 | $32,701.62 | |
Aug, 2035 | 158 | $109.01 | $1,370.37 | $1,479.38 | $31,331.25 | |
Sep, 2035 | 159 | $104.44 | $1,374.94 | $1,479.38 | $29,956.31 | |
Oct, 2035 | 160 | $99.85 | $1,379.52 | $1,479.38 | $28,576.79 | |
Nov, 2035 | 161 | $95.26 | $1,384.12 | $1,479.38 | $27,192.67 | |
Dec, 2035 | 162 | $90.64 | $1,388.73 | $1,479.38 | $25,803.94 | |
Jan, 2036 | 163 | $86.01 | $1,393.36 | $1,479.38 | $24,410.57 | |
Feb, 2036 | 164 | $81.37 | $1,398.01 | $1,479.38 | $23,012.57 | |
Mar, 2036 | 165 | $76.71 | $1,402.67 | $1,479.38 | $21,609.90 | |
Apr, 2036 | 166 | $72.03 | $1,407.34 | $1,479.38 | $20,202.56 | |
May, 2036 | 167 | $67.34 | $1,412.03 | $1,479.38 | $18,790.52 | |
Jun, 2036 | 168 | $62.64 | $1,416.74 | $1,479.38 | $17,373.78 | |
Jul, 2036 | 169 | $57.91 | $1,421.46 | $1,479.38 | $15,952.32 | |
Aug, 2036 | 170 | $53.17 | $1,426.20 | $1,479.38 | $14,526.12 | |
Sep, 2036 | 171 | $48.42 | $1,430.96 | $1,479.38 | $13,095.16 | |
Oct, 2036 | 172 | $43.65 | $1,435.73 | $1,479.38 | $11,659.44 | |
Nov, 2036 | 173 | $38.86 | $1,440.51 | $1,479.38 | $10,218.93 | |
Dec, 2036 | 174 | $34.06 | $1,445.31 | $1,479.38 | $8,773.61 | |
Jan, 2037 | 175 | $29.25 | $1,450.13 | $1,479.38 | $7,323.48 | |
Feb, 2037 | 176 | $24.41 | $1,454.96 | $1,479.38 | $5,868.52 | |
Mar, 2037 | 177 | $19.56 | $1,459.81 | $1,479.38 | $4,408.70 | |
Apr, 2037 | 178 | $14.70 | $1,464.68 | $1,479.38 | $2,944.02 | |
May, 2037 | 179 | $9.81 | $1,469.56 | $1,479.38 | $1,474.46 | |
Jun, 2037 | 180 | $4.91 | $1,474.46 | $1,479.38 | $0.00 |
The 2nd mortgage calculator gives you the option to show the amortization schedule by year or month.
A second mortgage is a mortgage taken out against a property that already has a mortgage that hasn't been paid off. Since the second mortgage is a lien from the first mortgage, the mortgage amount will be lower than the first, and the interest rate is generally higher. In the case of default, the lender has the right to take control of your home. Home equity loans or home equity lines of credit are often used as second mortgages.
There are good reasons why someone would want to take out a second mortgage.
While it is nice to have extra cash in hand, there are disadvantages to getting a second mortgage.
One of the best ways to use a second mortgage is to use it to increase the value of your home, by improving your home such as installing solar lights to reduce energy usage, upgrading the kitchen and bathroom, or increasing the finished square footage. By making improvements to your home, you maintain the equity in your house. In addition, if you are paying private mortgage insurance or PMI, an insurance that you have to pay monthly if your equity in the house is less than 20%. When the value of your home increases, you might be able to remove your PMI. Your lender will order an appraisal to reevaluate your property and see if it indeed has increased in value compared to other houses in your area. Use the PMI payoff calculator to calculate how much PMI you are paying each month and evaluate if it makes sense to apply for a second mortgage to remove the monthly mortgage insurance. Another good reason to use a second mortgage is to pay off your other high-interest credit card debts. The APR for credit cards is outrageous, so if you are falling behind in your credit card bills, by all means, get a second mortgage. On the other hand, if you are planning to use the second mortgage to buy a brand new car, high-class furniture, or other luxuries, you have to really think hard about it. Do you really need these items or can you live without them? If you want to use a second mortgage for other investment purposes such as starting a business, investing in stocks, or buying a second house, make sure you evaluate the risks and rewards of each investment and have a good understanding of the current economic conditions. When the economy is tough, people getting laid off, businesses struggling to survive, houses getting foreclosure, and stocks losing value, it could be difficult to start a new business, invest in stocks, or buy another property. Ask yourself this question, do I have the necessary experience to pursue this business opportunity or am I relying on others to make all the decisions. If your answer is the latter, you need to reevaluate your decision.
There are certain conditions that you need to meet in order to qualify for a second mortgage.
Each lender is different, so you will have to shop around and see what's available.
Just like the first mortgage that you have, the second mortgage follows a similar procedure and process time to approve your loan, and the timeline will vary from lender to lender. You need to get an appraisal for your home and submit all necessary documents that your lender requested to avoid delays. It could take up to a month or even longer for your lender's underwriter to review and approve your loan. Communicate with your mortgage loan officer and see if they need additional information. Loan officers are usually busy with many loan applications, sometimes they may forget to contact you about an issue, so you may want to follow up with them from time to time so they keep you in the loop.
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